Alcoa Corporation faces multiple legal challenges regarding its proposed acquisition of Alumina Limited, as stockholders filed lawsuits alleging inadequate disclosures in proxy statements. Two lawsuits were filed in New York and Pennsylvania courts, along with eight demand letters from purported stockholders, claiming violations of securities laws and breaches of fiduciary duties.In response, Alcoa has voluntarily supplemented its definitive proxy statement with additional disclosures, including detailed financial projections through 2028 for both companies and specifics about the engagement of UBS Investment Bank as financial advisor. The supplemental information includes production forecasts for bauxite, alumina, and aluminum, as well as expanded details about J.P. Morgan's discounted cash flow analysis.While denying all allegations that additional disclosures were required or material, Alcoa made these supplemental disclosures to address stockholders' concerns and avoid potential delays in the transaction. The company maintains that its original disclosures fully complied with applicable laws and rejects the merit of the claims.

Alcoa Corporation faces multiple legal challenges regarding its proposed acquisition of Alumina Limited, as stockholders filed lawsuits alleging inadequate disclosures in proxy statements. Two lawsuits were filed in New York and Pennsylvania courts, along with eight demand letters from purported stockholders, claiming violations of securities laws and breaches of fiduciary duties.In response, Alcoa has voluntarily supplemented its definitive proxy statement with additional disclosures, including detailed financial projections through 2028 for both companies and specifics about the engagement of UBS Investment Bank as financial advisor. The supplemental information includes production forecasts for bauxite, alumina, and aluminum, as well as expanded details about J.P. Morgan's discounted cash flow analysis.While denying all allegations that additional disclosures were required or material, Alcoa made these supplemental disclosures to address stockholders' concerns and avoid potential delays in the transaction. The company maintains that its original disclosures fully complied with applicable laws and rejects the merit of the claims.